Tag: Crude oil

‘Delay in crude supply to ?angote Refinery poses risk to Nigerias economy’ EIU Report

Aminu Imam
EIU logo

The Economist Intelligence Unit (EUU) has issued a warning that further delays in crude oil feedstock to the ?angote Petroleum Refinery and Petrochemicals could jeopardise Nigerias economic recovery and put additional pressure on the naira. The research and analysis division of the Economist Group said the ?angote Refinery which began production in January has encountered setbacks in petrol production due to a shortage of crude oil feedstock. It said the $20 billion facility has successfully exported various products, including fuel oil, naphtha, nitrogen fertilisers, gasoil, jet fuel, and diesel but…

Read More

FG to slash monthly petrol import cost by $610m with crude oil sales to ?angote refinery in Naira

Aminu Imam

Chairman of the Federal Inland Revenue Service (FIRS), Zach Adedeji, has announced that the Federal Government will reduce monthly spending on petrol imports by a whooping $610 million by supplying crude oil to ?angote Refinery and other local refineries in the local currency, the Naira. Adedeji made this statement on Monday, following the approval from the Federal Executive Council (FEC) that trade among local refineries be denominated in naira with immediate effect.  Adedeji said about $660 million is spent monthly on fueling importation, amounting to about $7.92 billion every year.

Read More

55% of Nigerias crude oil used as collateral for loans Report

Aminu Imam
Nigeria's crude oil

Says FG gets only 320,000bpd from 1.4m output Successive administrations have mortgaged the country’s crude oil reserves to secure foreign loans, thereby plaguing Nigeria’s economy, according to a published investigative report. The investigation revealed how past administrations penchant for taking foreign loans backed by natural resources, especially crude oil, was identified as the major cause of Nigerias present revenue crisis. It showed hiw for close to twenty years, administration after administration, working hand in hand with the management of the Nigerian National Petroleum Corporation Limited (NNPCL), had resorted to taking…

Read More

FEC directs sale of crude oil to ?angote Refinery in Naira

Aminu Imam
FEC directs crude sales

President Bola Tinubu has proposed the Nigerian National Petroleum Company Limited (NNPCL), sell crude oil to Dangote Petroleum Refinery and other refineries in the local currency, the Naira. According to the Special Adviser on Information and Strategy to the President, Bayo Onanuga yesterday, the proposal was adopted by the Federal Executive Council, (FEC). He said, To ensure the stability of the pump price of refined fuel and the dollar-Naira exchange rate, the Federal Executive Council yesterday adopted a proposal by President Tinubu to sell crude to ?angote Refinery and other…

Read More

?angote Refinery imports another 11m barrels of US crude

Aminu Imam
?angote Refinery imports

…Cites domestic supply shortage ?angote Petroleum Refinery and Petrochemicals says it has issued a tender for an additional 11 million barrels of US crude oil over the next six months, due to Nigerian crude oil producers inability to meet its feedstock requirements. The 650,000 barrels per day (bpd) refinery has already received 9 million barrels of West Texas-Intermediate crude from the US since the beginning of 2024 to offset unreliable domestic supplies. The new tender, closing on July 21, aims to procure two million barrels per month of WTI Midland…

Read More

?angote Refinery buys 5m barrels of crude oil from US Report

Aminu Imam
?angote Refinery buys

?angote Refinery has purchased 5 million barrels of US crude scheduled for delivery next month and in September. According to a report by Bloomberg on Thursday, the refinery started a tender process in which it intends to buy a further 6 million barrels of American crude for September. The report said the refinery has bought more than 16 million barrels of West Texas Intermediate crude oil so far this year. According to tenders for new supply seen by Bloomberg, in August and September, the proportion it will purchase from the…

Read More

‘Nigeria under-declaring crude oil figures’ – Investigation

Aminu Imam
Crude oil figures

…As OPEC, oil traders dispute NNPCLs figures Nigerias actual crude oil production figures are far above the official figures declared monthly by the supervising ministry and the two agencies saddled with the task of overseeing the nations upstream oil and gas sector, Business Hallmark findings have revealed. Month after month, the trio of Ministry of Petroleum Resources, Nigerian National Petroleum Company Limited (NNPCL) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have officially supplied Nigerias daily and monthly crude oil production figures to the Organisation of Petroleum Exporting Countries (OPEC)…

Read More

Nigeria loses N636bn oil revenue, as production dips

Aminu Imam
Oil rig

The repeated slump in Nigerias monthly oil outputs since January 2024 has resulted in a revenue loss of about N636.3bn, findings have revealed. Oil production data obtained from a Federal Government agency indicated that Nigeria produced 1.43 million barrels of crude oil (excluding condensates) in January this year, but this nosedived to 1.25mbpd in May. Figures obtained from the Nigerian Upstream Petroleum Regulatory Commission showed that while the total volume of crude produced in January was 44.22 million barrels, it dropped to 38.8 million barrels in May. This represents a…

Read More

Nigeria losing 400,000 barrels of crude oil daily Report

Aminu Imam
Crude oil lifting

…?Conspiracy by industry regulators, security agencies fingered Reports have indicated that Nigeria governments efforts to curtail crude oil theft in the oil producing region has failed to yield the desired results as loses increased from 100,000 barrels/day in 2013 to 400,000 barrels/day in 2023. According to the report, which was  released at the weekend, is a production of several months of deep investigation carried out by public policy firm, Nextier. The report, authored by Ben Nwosu, an associate consultant at Nextier and a senior research fellow at the Institute for…

Read More

Crude oil: ??angote Refinery to source 24m barrels from US??

Aminu Imam
Dangote Refinery

?angote Refinery is set to purchase at least 24 million barrels of United States (US) crude oil over the next one year amid Nigerias crude oil production shortfalls. Bloomberg revealed the plan in a report, stating that refinery issued a term tender to buy two million barrels per month of West Texas Intermediate Midland crude for a year starting in July. This amounts to 24 million barrels of US crude in one year that the $20 billion refinery established by Africas richest man, Aliko ?angote?, will purchase over the period.…

Read More